ACC 1100 - Fundamentals of Accounting I

4 Credit(s) Hours: 4 hrs.

This course introduces accrual-basis accounting for sole proprietorships in the service and merchandising industries. Topics include double-entry recording of business transactions and adjusting and closing entries. Preparation of financial statements under Generally Accepted Accounting Principles, including the income statement, owner’s equity statement and balance sheet. Inventory valuation methods, specialized journals, subsidiary ledgers, bank reconciliations, internal control concepts, computerized accounting, and depreciation methods are also covered.
Prerequisite(s): passing score on the Elementary Algebra portion of the ACCUPLACER CUNY Assessment Test in Math or MAT M100